The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
BANK AMER CORP COM 060505104 3,240 190,000 SH   DFND 1,2 190,000 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 7,048 420,000 SH Call DFND 1,2 420,000 0 0
CAMECO CORP COM 13321L108 565 32,000 SH   DFND 1,2 32,000 0 0
CARMIKE CINEMAS INC COM 143436400 1,174 37,900 SH   DFND 1,2 37,900 0 0
CINEMARK HOLDINGS INC COM 17243V102 1,828 53,700 SH   DFND 1,2 53,700 0 0
CITIGROUP INC COM NEW 172967424 33,165 640,000 SH Call DFND 1,2 640,000 0 0
CITIGROUP INC COM NEW 172967424 4,845 93,500 SH   DFND 1,2 93,500 0 0
CNOOC LTD SPONSORED ADR 126132109 955 5,536 SH   DFND 1,2 5,536 0 0
DANAHER CORP DEL COM 235851102 638 8,400 SH   DFND 1,2 8,400 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 4,189 165,000 SH Call DFND 1,2 165,000 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 6,551 258,000 SH   DFND 1,2 258,000 0 0
ISHARES IBOXX HI YD ETF 464288513 725 7,883 SH   DFND 1,2 7,883 0 0
ISHARES JP MOR EM MK ETF 464288281 1,080 9,570 SH   DFND 1,2 9,570 0 0
ISHARES MSCI BRZ CAP ETF 464286400 11,297 260,000 SH Put DFND 1,2 260,000 0 0
ISHARES TR 7-10 Y TR BD ETF 464287440 2,810 27,123 SH   DFND 1,2 27,123 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 3,828 100,000 SH Call DFND 1,2 100,000 0 0
ISHARES TR U.S. REAL ES ETF 464287739 969 14,000 SH   DFND 1,2 14,000 0 0
JPMORGAN CHASE & CO COM 46625H100 3,976 66,000 SH   DFND 1,2 66,000 0 0
KRISPY KREME DOUGHNUTS INC COM 501014104 738 43,000 SH   DFND 1,2 43,000 0 0
LENNAR CORP CL A 526057104 18,638 480,000 SH Call DFND 1,2 480,000 0 0
MARKET VECTORS ETF TR VIETNAM ETF 57060U761 657 30,000 SH   DFND 1,2 30,000 0 0
MASTERCARD INC CL A 57636Q104 386 5,219 SH   DFND 1,2 5,219 0 0
MORGAN STANLEY COM NEW 617446448 761 22,000 SH   DFND 1,2 22,000 0 0
NU SKIN ENTERPRISES INC CL A 67018T105 910 20,200 SH   DFND 1,2 20,200 0 0
PENNYMAC MTG INVT TR COM 70931T103 15,757 735,290 SH   DFND 1,2 735,290 0 0
PERFECT WORLD CO LTD SPON ADR REP B 71372U104 1,142 58,000 SH   DFND 1,2 58,000 0 0
POPEYES LA KITCHEN INC COM 732872106 405 10,000 SH   DFND 1,2 10,000 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 1,582 16,012 SH   DFND 1,2 16,012 0 0
SAFEWAY INC COM NEW 786514208 686 20,000 SH   DFND 1,2 20,000 0 0
SANDERSON FARMS INC COM 800013104 880 10,000 SH   DFND 1,2 10,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 3,514 17,838 SH   DFND 1,2 17,838 0 0
SPDR SERIES TRUST S&P BK ETF 78464A797 957 30,000 SH   DFND 1,2 30,000 0 0
SPDR SERIES TRUST S&P HOMEBUILD 78464A888 2,219 75,000 SH Call DFND 1,2 75,000 0 0
SPDR SERIES TRUST S&P RETAIL ETF 78464A714 4,792 56,000 SH   DFND 1,2 56,000 0 0
TRONOX LTD SHS CL A Q9235V101 2,214 85,000 SH   DFND 1,2 85,000 0 0
VISTEON CORP COM NEW 92839U206 9,064 93,200 SH   DFND 1,2 93,200 0 0
WALGREEN CO COM 931422109 415 7,000 SH   DFND 1,2 7,000 0 0
WCI CMNTYS INC COM PAR $0.01 92923C807 2,600 141,000 SH   DFND 1,2 141,000 0 0